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Permira's Self-Serving Sacrifice

By

Simon Nixon and

John Jannarone

Updated Dec. 8, 2008 9:46 p.m. ET

Private equity's main advantage over other forms of investment is locked-up funding.

That isn't an advantage to be given away lightly.

So Permira's decision to hand back to investors &euro;1.5 billion ($1.9 billion) committed to its current &euro;11 billion fund mightn't have gone down well with other buyout groups. Blackstone, for...